How small and medium-sized enterprises (SMEs) cope with economic crises and their aftermaths has been engaging both practitioners and academicians for some time. This study sets to explore how the negative emotional reactions of top managers drive an SME’s strategic responses to the economic crisis initiated by the recent COVID-19 pandemic. By drawing on the affect-as-information theory, our survey data collected from 155 top managers in SMEs shows that in SMEs led by top managers who experience strong negative emotions, there is a stronger tendency for increased retrenchment and decreased investment response. Through the lens of regulatory focus theory, we additionally show that this relationship is conditioned by the regulatory foci of such managers. In SMEs led by top managers with high prevention and low promotion focus, there is a balanced response, whereas in SMEs led by top managers with strong promotion and weak prevention focus, oscillations in responses are more likely to occur.

一段时间以来，中小企业如何应对经济危机及其后果一直是从业者和学者共同关注的问题。本研究旨在探讨高层管理人员的负面情绪反应如何推动中小企业对最近由 COVID-19 大流行引发的经济危机做出战略反应。通过利用情感即信息理论，我们从 155 名中小企业高层管理人员中收集的调查数据表明，在经历强烈负面情绪的高层管理人员领导的中小企业中，裁员增加和投资反应减少的趋势更强。通过监管焦点理论的视角，我们还表明，这种关系受到此类管理者的监管焦点的制约。在高预防、低促进重点的高层领导的中小企业中，